The government extended the deadline for the linking of Aadhaar with PAN to September 30, 2019. However, from April 1 onwards, the Aadhaar number should be quoted while filing income tax returns This is the sixth time the government has extended the Aadhaar-PAN linking deadline.
About:
Permanent Account Number (PAN):
It is a 10-digit alphanumeric identity number, issued under section 139A of Income-tax Act, 1961, by the income tax department.
It enables the department to identify all the transactions of a tax assessee, such as: tax payment, tax returns, and specified transaction where PAN has to be quoted.
It is essential for every individual to have a PAN, if the income earned during the year is taxable.
Tax Deduction and Collection Account Number (TAN):
Similar to PAN, TAN is also a 10-digit alpha numeric identity issued by income tax department.
However, only those who are responsible for deducting or collecting tax need to get a TAN.
For instance, an employer who needs to deduct tax at source from employees’ income under section 192 of the Act, needs to have a TAN. Under section 203A of the Act, it is mandatory to quote TAN on all tax deducted at source (TDS) returns.
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